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Banks abandon reverse-mortgage business – They are designed to enable elderly homeowners to borrow against the equity in their homes without having to make monthly payments as is required with a traditional forward’ mortgage or home equity.
What is a Reverse Mortgage for Seniors? | Discover How It. – Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments. A reverse mortgage loan uses a home’s equity as collateral. The amount of money the.
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Is a reverse mortgage right for you? – Is a reverse mortgage a. There are no loan payments – since you’re borrowing money against the equity in your house, you don’t have to repay the loan as long as you own the house. You can choose to.
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